Take advantage of FinScan's advanced technology to easily manage all your AML operations from one place, effortlessly incorporate it into your workflow.
English
English
Partner with FinScan to simplify your AML operations and ensure compliance with global AML & CTF regulations. Our flexible solutions streamline agent and broker AML operations and strengthen global expansion initiatives, making us a trusted choice for insurance companies worldwide.
Take advantage of FinScan's advanced technology to easily manage all your AML operations from one place, effortlessly incorporate it into your workflow.
Achieve more precise screening outcomes with improved data quality, leading to fewer false positives and the uncovering of potential hidden risk.
Leverage decades of experience in AML compliance for the insurance sector to gain a thorough understanding of both regulatory requirements and the intricacies of insurance operations.
Build long-term success through a partner relationship founded on excellent customer service and continuous dialogue with AML subject matter experts.
Take advantage of FinScan's advanced technology to easily manage all your AML operations from one place, effortlessly incorporate it into your workflow.
Achieve more precise screening outcomes with improved data quality, leading to fewer false positives and the uncovering of potential hidden risk.
Leverage decades of experience in AML compliance for the insurance sector to gain a thorough understanding of both regulatory requirements and the intricacies of insurance operations.
Build long-term success through a partner relationship founded on excellent customer service and continuous dialogue with AML subject matter experts.
Keep your insurance company protected from financial crime and stay compliant with FinScan’s end-to-end solution. FinScan seamlessly integrates with your workflow, minimizing risk and ensuring AML compliance at every step of the customer journey.
| AML Processes | Regulatory Requirements | Products |
|---|---|---|
| KYC and customer due diligence | Collect policy holder information such as name, address, date of birth and other identifying information. Verify policy holder’s identity by validating their ID documents and asking for proof of address. Identify the ultimate beneficial owners of entities enrolling in a policy. |
FinScan FinScan ID validation FinScan UBO |
| AML and sanctions screening | Screen policy holders against sanctions, PEP, watchlist, internal lists (including fraud lists) and adverse media. |
FinScan customer screening FinScan entity screening |
| Onboarding risk assessment | Measure AML risk associated with policy holders by dynamically evaluating multiple factors to assign risk ratings. |
FinScan risk evaluator |
| Enhanced due diligence | Create detailed investigative due diligence reports to push your investigations further for high-risk policy holders. |
FinScan EDD |
| Ongoing AML and sanctions monitoring | Monitor policy holders against sanctions, PEP, watchlist, internal list and adverse media. Monitor changes in corporate ownership structure to identify new UBOs. Stay on top of your business relationships by continuously monitoring any changes in risk profile that require further due diligence. |
FinScan customer screening FinScan entity screening FinScan UBO FinScan risk evaluator |
| Transaction screening | Screen your claims payout before making policy payments Screen all policy transactions sold through agents and broker-dealers |
FinScan transaction screening |
| Documents and notes | Securely store documents and notes related to each policy holder for easy access and document your decision making. |
FinScan case management |
| Audit trail | Track every case back to its origin, ensuring that all AML data and policy holder information is accurately recorded and compliant with regulators’ requirements. |
FinScan audit trail |
Keep your insurance company protected from financial crime and stay compliant with FinScan’s end-to-end solution. FinScan seamlessly integrates with your workflow, minimizing risk and ensuring AML compliance at every step of the customer journey.
| Challenges | Solutions | Features |
|---|---|---|
| Large record volume | Reliably process any volume of records – from a few thousand to hundreds of millions. Screen quickly and efficiently in batch or in real time through our API to effectively identify risk while avoiding interruption to your daily operations. Dramatically reduce false positive rates for your review team with advanced screening technology and better data. |
API & batch screening Screening technology Built-in data quality engine |
| Multiple data sources | Easily connect multiple data sources and ensure consistent formatting to refine your matching criteria and improve accuracy. Additionally, reduce unnecessary alerts by eliminating duplicate records, streamlining your screening process and saving time. |
FinScan data prep |
| Data quality challenges | Eliminate data quality issues commonly found in the insurance industry that can lead to false negatives in your AML screening. With FinScan, you can rest easy knowing that you have the tools to tackle these issues head on, ensuring that risky policy holders are not overlooked. |
Common data anomalies |
| Global operations | Support your global AML operations by screening against the necessary AML lists by jurisdiction. With FinScan’s native-to-native screening technology, you can screen in different languages and alphabets, resulting in more accurate screening results. |
AML list coverage Screening technology |
| Cross-team escalation | Customize your escalation workflow and user controls with FinScan to support your AML operations worldwide. Easily configure alerts to be reviewed by users in different countries and on different teams, with the ability to escalate to the relevant team. |
Case management tool User access control |
| Data protection regulation | Choose the deployment option that best supports local data protection laws. Whether on-premise, cloud-based, or a hybrid of both, you have the flexibility to meet the most complex data protection requirements, ensuring compliance while supporting your business expansion. |
Deployment options |
Discover how a US insurer enhanced their AML operations with FinScan’s advanced screening technology and improved data quality. The result? 407 previously-undetected individuals on the OFAC list were identified, 560,000 duplicate alerts were removed, saving 2,796 hours of manual review time, and 40,000 additional names were discovered that had previously not been screened.
Ask us your questions and we’ll be happy to provide all the information you need.